The number of ESIS generated through Mortgage Brain’s sourcing systems hit a new high point for 2020 during September.

The mortgage technology expert revealed that not only were its overall ESIS numbers at a record high, but the number of ESIS generated per working day was also at the highest level seen so far this year.

ESIS numbers have recovered strongly since the onset of the pandemic, Mortgage Brain stated, with totals materially higher than pre-pandemic levels for 10 straight weeks, and the numbers now consistently more than 10% higher than those seen before COVID-19 hit.

Mortgage Brain suggested that ESIS growth continues to be driven by those purchasing a property.

“September has been a bustling month for the mortgage market, with demand from buyers driving ever-increasing ESIS volumes,” commented Mortgage Brain CEO, Mark Lofthouse.

“Lockdown has clearly caused many people to evaluate whether they are really happy with their current home, while the stamp duty holiday has made the prospect of purchasing a new property – for owner occupiers and landlords alike – more appealing financially.”

Mortgage Brain’s data also showed that residential ESIS volumes for products between 80 and 85% LTV have been around 10% higher than pre-pandemic levels for 14 straight weeks. These cases currently account for 22% of the total ESIS generated.

However, the mortgage technology expert said the situation has changed for those with a deposit of 10% or less, with these cases now accounting for 1% of ESIS generated – compared to the 6.6% average seen earlier this year.
 
The data also showed the number of products has dropped slightly week-on-week to 8,287, but remain steady having sat above 8,500 for 15 of the last 18 weeks. Mortgage Brain revealed that product numbers are now around 11.3% above the pandemic low point in the week ending 12 April, but remain down by 43.7% on the nine-week average to 16 March.
 
“The strength of this demand is still not feeding through into product numbers and higher LTVs,” Lofthouse continued.

“While they have rebounded since the onset of the pandemic, the total number of products available remains mired around 8,500, which is substantially down on what we saw before COVID-19 took hold. There is still plenty of room for improvement here, particularly at higher LTVs.”

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